Early stage medtech company MedRhythms said today it raised $5.3 million in a Series A round of financing to help support its platform intended to use neurologic interventions to measure and improve walking.
The Portland, Maine-based company said it initially intended to raise $4 million, but found “substantial interest” and ended up netting extra funds. MedRhythms added that it has already closed $5 million from the round.
Funds will support continued development and a potential launch of MedRhythm’s digital therapeutics platform intended to aid individuals with neurologic injuries and diseases and improve walking.
MedRhythm’s first product will focus on the post-stroke population, while pipeline products aim at treating Parkinson’s Disease, Multiple Sclerosis, Aging-In-Place and traumatic brain injury.
In connection with the funding, MedRhythms said it expanded its board from three to five members, adding Chemwerth prez & chair Peter Werth, who led the Series A round, and former Biogen and Novartis CIO Ray Pawlicki.
“Developing digital therapeutics based on music requires the right mix of talent on the team, including experts in music, biotech, healthcare and technology. We are thrilled to have Peter Werth lead this financing round, as his track record of success building and investing in healthcare businesses is the right balance of expertise that will allow us to achieve MedRhythms’ mission and vision of making a high-quality clinical impact in the lives of millions of people,” CEO & co-founder Brian Harris said in a press release.
“We found MedRhythms’ strategy and business plan to build digital therapeutics for walking a compelling investment opportunity. MedRhythms has excellent growth prospects with a pipeline of therapeutic and diagnostic products in large, growing markets and is building the right team to execute,” Werth said in prepared remarks.